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Core countries account for the majority of Islamic finance – the GCC accounted for 86 percent of growth in 2023

Growth doubts over Islamic finance despite trillions in assets

Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond.  S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year.  The agency expects the […]

Nature, Outdoors, Sea South African hospitality group Mantis announced on Wednesday it will open a resort project on Bahrain’s Hawar Island in partnership with Edamah

Bahrain reveals plans to reach 2026 visitor target

Mumtalakat, Bahrain’s sovereign wealth fund, has been announced as a partner in the development of a new luxury island resort which will open later this year and include a water park and a Bear Grylls Survival Academy. The opening is part of Bahrain’s wider push to expand its tourism offering – with new hotels, beaches […]

A man moves his belongings from a flooded residential complex in Dubai. It has been reported that only 15% of UAE residents have flood insurance

Flood insurance in Dubai under threat says expert

Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […]

Trending

  1. Lebanon to receive $1bn in financial aid from the EU

  2. Second nuclear power plant planned for UAE

  3. Passenger numbers on Saudi trains leap 23% in a year

  4. UAE considers R&D tax incentives to help SMEs

  5. Gulf petrochems sidestep curbs from global plastics treaty

OPINION & Analysis

Best of AGBI

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Dubai’s airport ambitions ramp up local and global rivalries

Dubai’s plan for a massive new airport intensifies the regional aviation race, while reinforcing the Gulf’s bid to overshadow its European and Asian rivals. The emirate’s authorities over the weekend approved the expansion of the cargo-focused Al Maktoum International into an airport ultimately capable of handling 260 million passengers a year.  The new airport will […]

Crypto miners see ‘enormous potential’ in the Gulf

With cryptocurrencies edging up again after last weekend’s “halving” – in which the rewards Bitcoin miners get for solving problems is cut in two to maintain scarcity – these are heady days for holders of Bitcoin and other virtual currencies. Bitcoin miners have been attracted to the Gulf by cheap electricity and established infrastructure.   “GCC […]

More GCC insurance mergers likely after flooding impact

Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […]

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UAE latest

UAE minister of industry and advanced technology and Adnoc group CEO Dr Sultan Ahmed Al Jaber (top centre) will become chairman of AIQ

Presight takes majority stake in Adnoc-G42 AI venture

The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42. Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said.  Previously, G42 held 40 […]

Abu Dhabi's Khalifa University of Science and Technology, Mubadala Investment Company and Kelix Bio announce plans to collaborate on R&D into biopharmaceutical technologies

UAE considers R&D tax incentives to help SMEs

The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law.  The consultation will be open […]

A man moves his belongings from a flooded residential complex in Dubai. It has been reported that only 15% of UAE residents have flood insurance

Flood insurance in Dubai under threat says expert

Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […]

737 Max aircraft under construction at the Boeing factory in Renton, Washington. Dubai aircraft lessor DAE wants Boeing to 'get their act together'

Dubai aircraft lessor slams Boeing for delivery delays

Aircraft lessor Dubai Aerospace Enterprise has criticised troubled US manufacturer Boeing for its failure to deliver the promised amount of aircraft. DAE’s CEO Firoz Tarapore said it is likely to only receive around half the number of aircraft from Boeing this year than the planemaker had originally committed to deliver. “The only thing we can […]

Saudi Arabia latest

Saudi Arabia is looking to shift traffic to its railways to improve road safety and reduce carbon emissions from car usage

Passenger numbers on Saudi trains leap 23% in a year

Passenger traffic on Saudi railways rose 23 percent year on year to 2.7 million people in the first quarter of 2024, the state operator said this week, as the kingdom pushes to improve infrastructure before a 2030 deadline.  The railway system also saw a 9 percent rise in the volume of minerals and goods transported, […]

An installation in Ottawa, Canada, near the venue where the UN is in a penultimate round of talks for a treaty to curb plastic pollution

Gulf petrochems sidestep curbs from global plastics treaty

Major petrochemical exporters such as Saudi Arabia are unlikely to face mandatory production curbs despite latest efforts to craft a global plastics treaty and clamp down on single usage. At a UN Environment Assembly in early 2022, member countries approved a resolution to end plastic pollution and forge an “international legally binding agreement” by the […]

The contraction in the Saudi economy was largely driven by a 10% reduction oil activity

Saudi economy contracts for third quarter in a row

Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show.  The country’s GDP fell for the third quarter in a row, although the drop eased from the 4.3 percent contraction in […]

2REKCFR Soroako, Indonesia. 28th July, 2023. A worker seen in action at Nickel mine, operated by PT Vale Indonesia in Sorowako. U.S. Geological Survey Shows that Indonesian nickel reserves ranked first, reaching 21 million tons or equivalent to 22% global reserves. Credit: SOPA Images Limited/Alamy Live News

Manara takes a $2.5bn stake in Brazilian mining giant

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […]

BlackRock chairman and CEO Larry Fink and PIF governor Yasir Al-Rumayyan shake hands at the MOU signing ceremony

PIF and BlackRock launch $5bn Saudi capital markets platform

Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are to launch a new investment platform to accelerate growth of the kingdom’s capital markets. The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from PIF. The investment is subject […]

Around the Middle East

Lebanon EU aid

Lebanon to receive $1bn in financial aid from the EU

A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen.  The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […]

Nature, Outdoors, Sea South African hospitality group Mantis announced on Wednesday it will open a resort project on Bahrain’s Hawar Island in partnership with Edamah

Bahrain reveals plans to reach 2026 visitor target

Mumtalakat, Bahrain’s sovereign wealth fund, has been announced as a partner in the development of a new luxury island resort which will open later this year and include a water park and a Bear Grylls Survival Academy. The opening is part of Bahrain’s wider push to expand its tourism offering – with new hotels, beaches […]

Ooredoo added two million customers in Q1 2024, up four percent year on year, bringing its total customer base to 58.5 million

Qatar’s Ooredoo profit falls despite 4% rise in revenue

Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024  The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. However, revenue […]

An offshore wind farm in the UK. The projects planned by Masdar and Bapco could be the first such facilities in the Middle East

Bahrain signs deal with Masdar to develop wind energy

UAE clean energy company Masdar has formed a partnership with Bahrain’s Bapco Energies to explore the development of wind energy projects in Bahrain.  The two companies will develop up to two gigawatts (GW) in near-shore and offshore wind farms, Masdar said. The collaboration will help Bahrain accelerate the decarbonisation of its critical industrial sectors. Energy, […]

Mehrdad Bazrpash, the Iranian minister of roads and urban development, will be in Abu Dhabi for the meeting this week

UAE and Iran to meet in Abu Dhabi after 10 years

The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […]

Tunisian president Kais Saied rejected the terms of an IMF deal but the country has secured other funding, including from the International Islamic Trade Finance Corporation

Tunisia signs $1.2bn deal to improve energy imports

Tunisia has signed a deal with the International Islamic Trade Finance Corporation, which will disperse $1.2 billion in financing to the North African country over the next three years. The money will be used to fund energy imports, according to a statement from Tunisia’s Department of Economy. Tunisia is facing a financial crisis and has […]

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Qatar China ships

QatarEnergy awards $6bn contract to Chinese shipbuilder 

QatarEnergy has awarded a $6 billion contract to China State Shipbuilding Corporation (CSSC) to build 18 of the largest LNG vessels ever made as part of the state-owned company’s fleet expansion programme. Each “ultra-modern” QC-Max vessels will have a capacity of 271,000 cubic metres and will be constructed at China’s Hudong-Zhonghua Shipyard, a wholly-owned subsidiary […]

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Turkey Latest

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Turkey's treasury and finance minister Mehmet Şimşek and IsDB president Muhammad Al Jasser at the IsDB annual general meeting in Riyadh

Turkey secures $6bn from Islamic Development Bank

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development.  The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek. The total amount consists of $2 billion […]

A boy shares a hot spring with cows in Guroymak, Bitlis, Turkey. The World Bank has recognised Turkey’s geothermal potential with $600m of grants and loans

Investors warm to Turkey’s geothermal sector

Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […]

Turkey LNG Exxonmobil

Turkey looks for Exxon LNG deal to replace Russia

Turkey is aiming to secure a multibillion-dollar long-term liquefied natural gas deal with ExxonMobil as it strives to reduce reliance on Russian energy. The Turkish energy minister, Alparslan Bayraktar, told the Financial Times Ankara wanted to buy up to 2.5 million tonnes of liquefied natural gas a year in a 10-year agreement.  Bayraktar said the […]

A Getir delivery driver in the Netherlands, one of the Turkish company's last remaining European markets

Turkey’s Getir exits Europe and US to focus on home market

Turkish grocery delivery startup Getir has announced that it is leaving the European and US markets to focus on Turkey. Getir had already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands. These account for 7 percent of its revenue. […]

Egypt Latest

Construction work at Egypt's new administrative capital. Real estate 'is a very strong inflation hedge', says Aldar's Faisal Falaknaz

Aldar’s Egyptian sales unhindered by war and economic risk

Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday.  “What has […]

Spinneys currently operates 27 stores across Egypt

Spinneys Egypt expands with 10 new stores

Supermarket operator Spinneys will open 10 new stores in Egypt as part of its expansion drive in the North African country.  Four new stores will be opened before June 2024, while six more will be opened in fiscal year 2024/2025, which starts in July, Daily News Egypt reported. Spinneys Egypt operates 27 stores across the […]

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

Sodic general manager Ayman Amer and Robert De Niro, Nobu Hospitality Co-Founder, at the launch of their third venture in Egypt

Aldar-owned Sodic to build third Nobu hotel in Egypt

Sodic, the Egyptian real estate subsidiary of the UAE’s Aldar Properties and Nobu, the US-headquartered luxury lifestyle brand, have signed up to develop their third hospitality project in Egypt. The Nobu Hotel and Restaurant, which will come up in east Cairo, will open next year, the developer said in a statement. The cost of the […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Features

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Rising prices risk making Dubai homes ‘unattainable’

Escalating home prices in Dubai’s affordable communities are making it even more difficult for residents to get on the property ladder, real estate experts have warned. February data from property consultancy ValuStrat shows the highest annual growth in apartment values was recorded in the emirate’s more budget-friendly neighbourhoods.  Prices in Discovery Gardens and The Greens […]

Space trash offers Saudi Arabia a new revenue source

Saudi Arabia is targeting lucrative and environmentally critical opportunities in the rubbish removal sector – in outer space. More than 27,000 man-made objects larger than 10 centimetres, such as defunct satellites and spent rocket stages, orbit Earth, according to Nasa. This space debris puts at stake billions of dollars of assets such as spacecraft and […]

People & Lifestyle

Art NFTs Video length: 04:13

Dubai art dealer uses NFTs for fractional art ownership

A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Electronics, Headphones, Adult Foreign investment in esports has been slowing but experts remain upbeat about the future of the market esports game gaming Saudi Arabia

World Cup’s brimming prize pot to revive Saudi esports

Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […]

Dubai has more than 13,000 restaurants and cafes, according to tourism officials

Dubai restaurant scene ‘at risk of hitting saturation point’

Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […]

A young Cristiano Ronaldo fan pictured at an Al Nassr Saudi Pro League match. The star has approximately 849 million social media followers

Binance to launch new Ronaldo NFTs ‘soon’ amid legal case

Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […]

Taaleem has doubled its investment in edtech over the past five years but says it is selective with its use

Mena reaches for tech to upgrade results in education

Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth.  However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing.  Examples of edtech include interactive whiteboards, […]

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Around the world

The Daily Telegraph will remain in British hands after the government blocked foreign governments from owning UK newspapers

UAE’s RedBird pulls out of Telegraph acquisition

RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, has backed out of plans to acquire the Telegraph Media Group, after the UK government blocked the deal. RedBird IMI’s decision comes after the UK crafted legislation blocking foreign governments from owning British newspapers and news magazines. The company said the deal was “no longer feasible”, Reuters […]

2REKCFR Soroako, Indonesia. 28th July, 2023. A worker seen in action at Nickel mine, operated by PT Vale Indonesia in Sorowako. U.S. Geological Survey Shows that Indonesian nickel reserves ranked first, reaching 21 million tons or equivalent to 22% global reserves. Credit: SOPA Images Limited/Alamy Live News

Manara takes a $2.5bn stake in Brazilian mining giant

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […]

UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi meets with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology

UAE-Estonia trade grows around tech collaboration

The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […]

The Elmed undersea power line will run from the electrical substation at Partanna in Sicily to a substation at Mlaabi, Tunisia

Tunisia-Italy power project gets $285m investment 

The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […]